No pension? You can ‘pensionize’ your savings

Source: Ann Carrns, N.Y.Times (Paid Registration)

While employers have taken steps to automate employee contributions to workplace plans, retirement experts say, few offer options for automatic payment plans in retirement.  Mr. Vernon and two colleagues think they have a workable solution, developed in collaboration with the Society of Actuaries and outlined in a report in November: The “spend safely in retirement” strategy.

It focuses mainly on middle-income people — those who have saved perhaps $100,000 to as much as $1 million as they approach retirement — who generally lack traditional pensions, but have workplace 401(k)-type investment plans or I.R.As.

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